The report looks at the experiences of some of the world’s leading companies, The following recommendations for creating a successful, diverse finance function:
- Understand cultural differences. You may have a team that looks different, which looks good in your CSR reports, but your team is consequently going to think and work differently too. For companies expanding overseas, new markets bring their own customs, . Get to grips with each market how to integrate working practices into corporate model.
- Diversity starts with recruitment. Working effectively with HR is crucial and recruitment policies must be effective and engaging.
- Nurture diversity where it doesn’t already exist. A wide range of experiences and perspectives are needed to develop the finance leaders of the future: it’s no longer the corporate career ladder, but the corporate career lattice. Managers from developed markets should be given the opportunity to spend time in emerging markets and vice versa.
- Embrace open ways of working. Finance leaders that promote a diversity of thinking, and encourage their teams to express different views, will be better able to identify risks and opportunities.
- Manage the tension between standardisation and diversity. Finance leaders need to think carefully about the right global/local balance for an optimal finance function.
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